Ritholtz Wealth Management Purchases New Stake in FedEx Corporation $FDX

Key Points

• Ritholtz Wealth Management bought a new stake in FedEx in Q4 of 6,083 shares, valued at roughly $1.757 million according to the firm's SEC filing.
• Several analysts have raised price targets and ratings recently (Argus, Stephens, TD Cowen, Barclays among them), leaving the stock with a consensus rating of “Moderate Buy” and an average target of $398.04.
• FedEx topped quarterly expectations with EPS of $5.25 vs. $4.12 and revenue of $24 billion (up 8.3% year-over-year), and it paid a quarterly dividend of $1.45 (annualized $5.80, ~1.6% yield).

Ritholtz Wealth Management purchased a new stake in FedEx Corporation (NYSE:FDX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 6,083 shares of the shipping service provider's stock, valued at approximately $1,757,000.

Several other hedge funds have also added to or reduced their stakes in the company. New York State Teachers Retirement System lifted its stake in FedEx by 2.3% in the third quarter. New York State Teachers Retirement System now owns 207,077 shares of the shipping service provider's stock valued at $48,831,000 after buying an additional 4,734 shares during the period. D.A. Davidson & CO. lifted its stake in FedEx by 10.6% in the third quarter. D.A. Davidson & CO. now owns 48,424 shares of the shipping service provider's stock valued at $11,419,000 after buying an additional 4,634 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in FedEx by 11.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,958 shares of the shipping service provider's stock valued at $8,243,000 after buying an additional 3,514 shares during the period. Savant Capital LLC lifted its stake in FedEx by 32.5% in the third quarter. Savant Capital LLC now owns 40,019 shares of the shipping service provider's stock valued at $9,437,000 after buying an additional 9,806 shares during the period. Finally, Pacer Advisors Inc. lifted its stake in FedEx by 34.9% in the third quarter. Pacer Advisors Inc. now owns 24,085 shares of the shipping service provider's stock valued at $5,679,000 after buying an additional 6,234 shares during the period. Institutional investors own 84.47% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Oppenheimer reissued a "market perform" rating on shares of FedEx in a research note on Friday, December 19th. Argus increased their target price on FedEx from $350.00 to $400.00 and gave the company a "buy" rating in a research note on Monday, April 6th. Stephens increased their target price on FedEx from $405.00 to $435.00 and gave the company an "overweight" rating in a research note on Friday, March 20th. TD Cowen increased their price target on FedEx from $383.00 to $426.00 and gave the stock a "buy" rating in a report on Friday, March 20th. Finally, Barclays increased their price target on FedEx from $360.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday, February 10th. Eighteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $398.04.

FedEx Stock Down 0.8%

FDX stock opened at $371.21 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44. The stock has a market capitalization of $88.57 billion, a P/E ratio of 19.76, a P/E/G ratio of 1.64 and a beta of 1.28. The business has a 50-day moving average of $366.49 and a 200-day moving average of $306.53. FedEx Corporation has a fifty-two week low of $201.03 and a fifty-two week high of $392.86.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share for the quarter, topping the consensus estimate of $4.12 by $1.13. FedEx had a return on equity of 16.76% and a net margin of 4.88%.The company had revenue of $24 billion during the quarter, compared to analysts' expectations of $23.44 billion. During the same period in the prior year, the firm earned $4.51 earnings per share. FedEx's revenue for the quarter was up 8.3% compared to the same quarter last year. On average, sell-side analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Monday, March 9th were issued a dividend of $1.45 per share. This represents a $5.80 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, March 9th. FedEx's dividend payout ratio is presently 30.87%.

About FedEx

FedEx Corporation NYSE: FDX is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx's core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.

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